This is the fourth year I have published this report and the numbers continue to improve as the real estate market makes strides to get stronger. The Moorings and Park Shore condominium markets are without a doubt showing positive improvement. The inventory numbers continue to shrink as buyers are realizing that finding that perfect property is becoming more and more difficult.
To search the Naples beachfront or bay front condominiums, visit Dustin’s site.
Annual Number of Closed Sales
Sales of beachfront condominiums remained brisk in 2012 with 200 closed sales. This marks five consecutive years of sales growth in this segment and is the highest number of sales since 2005. Bayfront sales were up 19% over prior year, the third year of increases.
Beachfront buildings with the highest number of sales were Admiralty Point I and Esplanade, each with 12 sales, followed by The Terraces with 11 and Gulfside with 10. Madrid Club was the most active building on the bay with nine closed sales, along with Port Au Villa with seven and Beacon House and Charleston Square with six sales each.
Annual Average Sales Price – Closed Sales
Prices along Gulf Shore Boulevard remained relatively stable, as they have since 2009. Seven sales above $3,000,000 impacted the average, with the largest sale occurring in the Regent at $11,700,000. Average sales price on the bay increased 8% over 2011, with Charleston Square and Ardisonne posting the highest average sales prices at $1,254,800 and $1,152,500 respectively.
Annual Average Price Per square Foot – Closed Sales
The average price per square foot for properties on both sides of Gulf Shore Boulevard posted slight increases in 2012. This market appears to have bottomed in 2009 – 2010, and is poised to improve steadily in the coming months as inventory continues to diminish.
Buildings on the beach and bay vary significantly in age, condition and amenities and averages provide only a broad view of market trends. The actual prices paid per square foot, by building, range from $250 to over $900 per square foot on the beach and from $194 to $464 on the bay.
Summary
On January 1, 2013 there were 187 properties available on the gulf and 43 on the bay. This represents a decline of 10% on the beach and 38% on the bay. Based on closings for the past 12 months, approximately 11 months of inventory remain in beachfront units and just over a five month supply on the bayfront. Buyer demand remains strong for this popular waterfront area, and absorption rates are expected to increase throughout this season and beyond. With prices in most buildings at attractively low levels, the supply can be expected to continue decreasing with an undetermined impact on future prices. This market segment still offers outstanding purchase opportunities as prices remain well
below their historical highs.
John R. Wood Realtors has been serving buyers and sellers on Gulf Shore Boulevard since 1958. If you are considering a sale or purchase, please call Dustin directly at (239) 289-2650 or by email at Dustin@DustinBeard.com.
“The source of this real property information is the copyrighted and proprietary database compilation of Sunshine MLS, LLC. Copyright 2012 Sunshine MLS, LLC. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it.”